Libor scandal: MPs demand changes over rate-rigging

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MPs on the Treasury Select Committee have demanded wide-ranging changes in the wake of the Libor rate-fixing scandal. The committee says urgent improvements are needed to the way banks are run and regulated if public and market confidence is to be restored.

In a statement, Mr Diamond said he answered their every question truthfully.

Andrew Tyrie, the chairman of Treasury Select Committee said people could "make up their own minds", adding "...juxtapose what he (Bob Diamond) said, and then what others said about his evidence".

David Green, former head of international policy at the FSA and the former Bank of England official responsible for regulation said: "There does need to changes made but when you are dealing with the very top of the bank, it is not very straightforward... You are dealing with organisations in which public confidence needs to be maintained".

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